Metlife offers insight to help consumers achieve a comfortable and secure retirement

NEW YORK, November 14, 2011 – Retirement is a goal that most people look forward to in life. While many consumers recognize the importance of planning today to live a comfortable lifestyle tomorrow, it can be overwhelming to determine just how much money they will need in retirement. To help consumers get started on their retirement planning, MetLife shares three simple steps to simplify the process.

“MetLife understands that retirement planning is individualized and requires consumers to look at personal factors such as their necessities, income sources and desired lifestyle,” said Laurel
 

Daring, assistant vice president of Diverse Markets at MetLife. “With over 140 years of history and a team of experienced financial representatives, MetLife is well prepared to assist individuals in creating a personalized retirement plan to fit every situation and help consumers achieve their personal goals.”
 

According to the U.S. Department of Labor, less than 50 percent of Americans have determined how much they will need in retirement. While there is no magic number for the amount of income needed in retirement, MetLife offers a starting point for consumers to consider:
 

• Understand your essential expenses: This is what you will spend for the necessities – housing, food, clothing, transportation and healthcare – and you should plan to cover these with income you can rely on for as long as you live. Essential expenses tend to average about 60% of your salary (pretax) just before you retire. However, they can vary considerably based on your lifestyle choices and healthcare needs, so it’s always a good idea to make assessments based on your personal situation.
 

• Add it up to see where you are: Start first with the annual amount you expect to receive from your Social Security and pension plan. Then, multiply any other retirement savings you have by 4% (a commonly expected withdrawal rate) and add that result to your SocialSecurity and pensions income. If this amount is over 60% of what your pre-retirement household income is, it’s likely that you’re on track to cover any essential expenses in retirement. If your number is less than 60%, consider taking additional action to boost your retirement income and/or better manage your expenses.
 

• Take steps to create reliable income: The good news is that your Social Security and other employment-based retirement plans are great resources of reliable income, but if you’re like most people, you will need more stable, life long income to cover essential expenses. There are simple, small steps you can take to start to convert your assets into more reliable income. Start protecting your future income by considering an annuity, reverse mortgage or other financial services products to help cover any remaining expense gaps.
 

“Your retirement income should be able to cover essential expenses. If the basics are taken care of, then you’ll worry less and do more of the things you enjoy,” added Daring. “Weigh your options and get help from your employer or a financial professional.”
For more information on retirement planning or to find a local MetLife representative who can provide insight and one-on-one consultation about retirement planning and other financial services, call 1-800-638-5433 or visit www.metlife.com.
 

About MetLife
MetLife is a subsidiary of MetLife, Inc. (NYSE: MET), a leading global provider of insurance, annuities and employee benefit programs, serving 90 million customers in over 50 countries. Through its subsidiaries and affiliates, MetLife holds leading market positions in the United States, Japan, Latin America, Asia Pacific, Europe and the Middle East. For more information, visit www.metlife.com.